Credit Facility	12 Months Ended
Dec. 31, 2015
Credit Facility
Debt instrument
Credit Facility	5. Credit Facility In June 2015, we entered into a new $2.0 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation. At December 31, 2015, credit facility origination costs of $10.2 million are included in other assets, net on our consolidated balance sheet. This balance includes $9.1 million of new credit facility origination costs incurred during 2015 as a result of entering into our new credit facility. These costs, as well as a portion of the costs incurred as a result of entering into our previous credit facilities, are being amortized over the remaining term of our new credit facility. At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $238.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014. The weighted average interest rate on outstanding borrowings under our credit facilities was 1.2% during 2015 and 2014. At December 31, 2015, the effective interest rate was 1.2%. Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at December 31, 2015, we remain in compliance with the covenants on our new credit facility.

Credit Facility

12 Months Ended

Dec. 31, 2015

5. Credit Facility

In June 2015, we entered into a new $2.0 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.

At December 31, 2015, credit facility origination costs of $10.2 million are included in other assets, net on our consolidated balance sheet. This balance includes $9.1 million of new credit facility origination costs incurred during 2015 as a result of entering into our new credit facility. These costs, as well as a portion of the costs incurred as a result of entering into our previous credit facilities, are being amortized over the remaining term of our new credit facility.

At December 31, 2015, we had a borrowing capacity of $1.76 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $238.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014.

The weighted average interest rate on outstanding borrowings under our credit facilities was 1.2% during 2015 and 2014. At December 31, 2015, the effective interest rate was 1.2%. Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at December 31, 2015, we remain in compliance with the covenants on our new credit facility.